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Annual results presentation
2014
28 February 2015
“Trabajamos desde los principios para poner la
mejor banca a tu servicio”
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Disclaimer
This document has been prepared by Bankia, S.A. (“Bankia”) and is presented exclusively for information purposes. It is not a prospectus and does not constitute an offer or recommendation to invest.
This document does not constitute a commitment to subscribe, or an offer to finance, or an offer to sell, or a solicitation of offers to buy securities of Bankia, all of which are subject to internal approval by Bankia.
Bankia does not guarantee the accuracy or completeness of the information contained in this document. The information contained herein has been obtained from sources that Bankia considers reliable, but Bankia does not represent or warrant that the information is complete or accurate, in particular with respect to data provided by third parties. This document may contain abridged or unaudited information and recipients are invited to consult the public documents and information submitted by Bankia to the financial market supervisory authorities. All opinions and estimates are given as of the date stated in the document and so may be subject to change. The value of any investment may fluctuate as a result of changes in the market. The information in this document is not intended to predict future results and no guarantee is given in that respect.
Distribution of this document in other jurisdictions may be prohibited, and therefore recipients of this document or any persons who may eventually obtain a copy of it are responsible for being aware of and complying with said restrictions. By accepting this document you accept the foregoing restrictions and warnings.
This document does not reveal all the risks or other material factors relating to investments in the securities/ transactions of Bankia. Before entering into any transaction, potential investors must ensure that they fully understand the terms of the securities/ transactions and the risks inherent in them. This document is not a prospectus for the securities described in it. Potential investors should only subscribe for securities of Bankia on the basis of the information published in the appropriate Bankia prospectus, not on the basis of the information contained in this document.
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Contents
1. Highlights of the year
2. 2014 results
3. Asset quality and risk management
4. Liquidity and solvency
5. Conclusions
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Highlights of the year
2014: TRANSFORMATION OF OUR BUSINESS MODEL
Strengthening our balance
sheet
Boosting the commercial
activity
Increasing
profitability
2 1 3
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Highlights of the year
Boosting the commercial activity… 1
Strengthened relationship with our customers leads to a 6.6% increase in
customer funds
DEC 13
€Bn
90.0
18.7
108.7
Strict customer deposits
Off-balance-sheet funds
DEC 14
94.9
21.0
115.9 + 6.6 %
Significant improvement in market share of new customer funds
SHARE OF NEW CUSTOMER FUNDS CUSTOMER FUNDS
(1) Figures excluding contribution of Aseval (€2.1bn), sold in 4Q 2014
(1)
9.52% 9.58% 9.79% 9.84%
10.21%
Dec 13 Mar 14 Jun 14 Sep 14 Dec 14
Households & businesses time deposits market share
4.74% 4.85% 4.88% 4.92% 4.98%
Dec 13 Mar 14 Jun 14 Sep 14 Dec 14
Mutual funds market share
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Highlights of the year
Boosting the commercial activity… 1
NEW LENDING
New lending volume up 10.1% compared to 2013, with a 48.2% increase in number of loans
€Mn
11,997
10,767
2013 2014
13,211
1,230
11,588
1,623
+ 10.1%
Businesses Individuals
+ 7.6%
+ 31.9%
Note: Does not include forbearance
“PRÉSTAMO DINAMIZACIÓN”
“Préstamo dinamización” (1)
€1,391 mn granted
88.7% of granted amount is long-term lending
33.5% of granted amount is lending to new
customers (1) To date
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Highlights of the year
Boosting the commercial activity… 1
TOTAL LOANS - €Bn
Total loans stabilised in key business segments
Total gross loans ex portfolio sales
SEP 14
122.8
Total gross loans ex portfolio sales
122.6
Mortgages + developer
Businesses + Consumer
Mortgages + developer
Businesses + Consumer
77.0
45.8
75.3
47.3
+€1.5bn loans in key segments
(+3.3%)
The balance of Businesses includes public sector
DEC 14
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5.55
5.88
6.61
6.01 6.03 6.29
BANKIA GLOBAL SECTOR
Highlights of the year
Boosting the commercial activity… 1
In the last quarter of the year, the number of New Customers reached 21,600/month, representing a 50% increase vs. the first quarter of the year
MYSTERY SHOPPING RANKING PRODUCTIVITY (products sold per employee/month) – quarterly average
Average: Dec 2013 – Jun 2014: 22.4
Includes data from all the retail branches: includes at-sight deposits, cards, direct debit and credit, risk insurance, pension plans, mutual funds and others.
Does not include term savings. 3Q data seasonally adjusted for August
21.7 22.3 23.3
26.7
31.0
4Q 13 1Q 14 2Q 14 3Q 14 4Q 14
9th 9th 4th Ranking
2012 2013 2014
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Highlights of the year
…increasing profitability… 2
+ 10.7%
NII + Fee and commission
income
+ 42.5% increase in 2014
Recurring pre-provision profit(1)
Core banking business generation capacity
in 2014
50 bps Cost of risk(2) 4Q14
Positive trend in provisions
74 bps Cost of risk(2)
2013
60 bps Cost of risk(2)2014
(1) Ex NTI and Exchange differences (2) Recurring cost of risk
-8.5%
Operating expenses
…
Steady improvement of
Cost to income ratio (%)(1)
63.3% 62.1%
60.1%
54.2% 52.6%
49.3%
46.1% 45.4% 43.7%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
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Highlights of the year
…increasing profitability… 2
Increase in attributable profit
€Mn
Bankia Group ROE
2014
TARGET
ROE
2015
10.0%
2013
5.9%
%
On track to meet the target of 10% ROE in 2015
2014
966
(1)
2013
611 +58.0%
The attributable profit for 2013 excludes the finance cost (€89Mn in 1Q13 and €53Mn in 2Q13) of the subordinated loan from BFA to Bankia, which was cancelled on 23 May 2013. Thus the reported profits for these periods were lower. (1) Attributable profit excluding the impact of IPO contingency provision
8.6% (2)
(2) ROE excluding the impact of IPO contingency provision ROE = Attributable profit for the period divided by the monthly average equity for the period
6.6% 747
Reported
218 Net IPO contingency
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Highlights of the year
…strengthening our balance sheet… 3
NPLs
€Bn
DEC 13
20.0
- €3.5 bn
DEC 14
16.5
NPL ratio decreases by 1.8pp. up to 12.9% in the
year
LOANS TO DEPOSITS
%
DEC 13
115.4%
-9.9 pp
LTD ratio: (Net credit / (Strict customer deposits + ICO/EIB deposits + Single-certificate covered bonds)
DEC 14
105.5%
LTD ratio down 9.9 pp
in the year
%
DEC 13
10.69%
+ 159 bps
DEC 14
12.28%
CET1 BIS III - PHASE IN
159 bps of capital
generated post-provision of €312mn
(1) Incorporates profit for the year and other adjustments (details in slide 32).
(1)
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Highlights of the year
…with excellent results in European stress tests 3
Solvency in the adverse scenario stands above 10%
with an impact of only 30 bps
ADVERSE
10.3%
BASE
14.3%
CET1 2016 – BFA Group
2013
10.6%
+3.7 p.p. -0.3 p.p. Impact of AQR adjustment 8 bps
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Highlights of the year
These results allow us to distribute a dividend payment to our shareholders:
Total distributable amount
€ 202 million
Dividend per share
€ 1.75 cent/share
Cash dividend for 2014
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Contents
1. Highlights of the year
2. 2014 results
3. Asset quality and risk management
4. Liquidity and solvency
5. Conclusions
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Net interest income 2,927 3,016
Dividends 5 54
Fees and other revenues 1,077 1,012
Gross income 4,009 4,082
Operating expenses (1,742) (1,751)
Profit before tax 1,310 1,665
(1,108) Provisions (1,363)
Profit from sale of equity holdings and others 151 697
2,267 2,331 Pre-provision profit
Profit after tax 990 1,104
2014 Results
BFA GROUP
Annual 2014 income statement – BFA Group vs. Bankia Group
(320) Tax (561)
€Mn
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Annual 2014 income statement – BFA Group vs. Bankia Group
Resultados 2014
BFA GROUP
IPO contingency provision at Bankia (312) (312)
Tax effect 94 94
Profit after tax 990 1,104
IPO contingency provision net effect (218) (686)
Profit after tax post-contingency 771 418
IPO contingency provision at BFA individual (468)
Total IPO contingency provision at Group level (312) (780)
€Mn
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2014 Results Pro forma income statement – Bankia Group
A
B
C
Net interest income
Gross income
Operating expenses
Pre-provision profit
D
€Mn
Fee and commission income
Gross income ex NTI and exchange differences
Pre-provision profit ex NTI and exchange differences
2013
2,567
3,772
(1,905)
1,867
2014
2,927
4,009
(1,742)
2,267
935 948
3,337 3,783
1,432 2,041
The pro forma income statement for 2013 excludes the cost of the subordinated loan by BFA to Bankia in the amount of €89 million in 1Q 2013 and €53 million in 2Q 2013, which was cancelled on 23 May 2013. Thus the reported profits for these periods were lower. The 2013 results do not include the effect of the restatement of the 2013 accounts based on Regulation (EU) 634/2014 and the letter of 23 December 2014 from the D.G. of the BdE.
Diff %
14.0%
6.3%
(8.5%)
21.4%
1.3%
13.4%
42.5%
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2014 Results Pro forma income statement – Bankia Group
Pre-provision profit
Results from Sales, Taxes and Others
D
Profit after tax
€Mn
E
Minority interests
Provisions
DGF and subordinated loan effect
IPO contingency provision net impact
Profit attributable to the Group
The pro forma income statement for 2013 excludes the cost of the subordinated loan by BFA to Bankia in the amount of €89 million in 1Q 2013 and €53 million in 2Q 2013, which was cancelled on 23 May 2013. Thus the reported profits for these periods were lower. The 2013 results do not include the effect of the restatement of the 2013 accounts based on Regulation (EU) 634/2014 and the letter of 23 December 2014 from the D.G. of the BdE.
1,867
(1,733)
2,267
(1,108)
608 990
477 (169)
21.4%
(36.1%)
62.7%
-
(203) - -
2013 2014 Dif %
3 (24) -
611 966 58.0%
- (218) -
Reported Profit attributable to the Group 408 747 83.3%
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Quarterly net interest income growth
2014 Results
€Mn
4Q13
690
1Q14
698
2Q14
730
3Q14
735
Net interest income increases a further 4% in the last quarter
Net interest income up 14.0% year on year
A Net interest income
Seven consecutive quarters of net interest income growth
+ 4.0%
Accumulated annual growth
2013
2,567
2014
2,927
+14.0% €Mn
142
(1)
(1) Actual figures excluding the cost of the subordinated loan by BFA to Bankia in the amount of €89 million in 1Q 2013 and €53 million in 2Q 2013, which was cancelled on 23 May 2013. Thus the reported profits for these periods were lower.
4Q14
765
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2014 Results
A Net interest income
Decline in cost of deposits leads to improvement in gross customer margin
Cost of term deposits – Back book vs. Front book
Continued downward repricing of back book of term deposits
%
Loan yield vs. cost of deposits (1)
Customer margin up 59 bps compared to last quarter of previous year
(1) The impact of City National Bank has been excluded from the series.
117 bps 107 bps
99 bps 100 bps
98 bps
Back book and front book, quarterly average (excluding impact of City National Bank)
%
117 bps 111 bps
94 bps
3.54% 3.29%
3.14% 2.84%
2.37% 2.10%
1.83% 1.58% 2.43%
2.12% 1.97%
1.77%
1.38% 1.10%
0.85% 0.64%
1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14
Back book Front book
2.36% 2.34% 2.45% 2.44% 2.39% 2.38%
2.55% 2.70%
0.95% 1.08%
1.23% 1.33% 1.57%
1.70% 1.74% 1.89%
1.41% 1.26%
1.22% 1.12%
0.82% 0.68%
0.81% 0.81%
4Q 143Q 142Q 141Q 144Q 133Q 132Q 131Q 13
Customer yields Customer desposit costGross Customer Margin
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Quarterly performance of core banking business
2014 Results
Core banking business performance
Core banking business exceeds €1 billion in the quarter
2,567
2013
3,502
2,927
2014
3,875
+10.7%
Net interest income and fee and commission income show positive trend
€Mn
Fee and commission income
A
Accumulated core banking business grows 10.7%
€Mn
4Q13
690
1Q14
940
698
2Q14
928
730
3Q14
967
+ 4.3%
735
4Q14
969
249 231 237 234
Net interest income
Fees & commissions Net interest income
935
948 +1.3%
+14.0%
Net interest income and fee and commission income
(1)
(1) Actual figures excluding the cost of the subordinated loan by BFA to Bankia in the amount of €89 million in 1Q 2013 and €53 million in 2Q 2013, which was cancelled on 23 May 2013. Thus the reported profits for these periods were lower.
142
765
1,011
246
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Quarterly performance of gross income
2014 Results
Recurring gross income (2)
€Mn
4Q13
874
1Q14
912
895
2Q14
930
949
4Q14
1,005
Recurring gross income up 13.4% year on year
38 35 56 NTI + Exch. diff.
GI
ex
NTI
+ Exch. diff
Gross income
2013
3,337
2014
3,783
+13.4%
€Mn
B
+5.2%
(1)
GI
(1) Actual figures excluding the cost of the subordinated loan by BFA to Bankia in the amount of €89 million in 1Q 2013 and €53 million in 2Q 2013, which was cancelled on 23 May 2013. Thus the reported profits for these periods were lower.
(2) Gross income ex NTI and exchange differences
943
3Q14
1,002
59
142
Further increase in recurring gross income during the quarter
Recurring gross income up 5.2% in the last quarter of the year
998
1,072
74
+6.7%
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Quarterly performance of operating expenses
2014 Results
Recurring cost to income ratio (1)
€Mn
4Q13
459
1Q14
441
2Q14
435
- 5.1%
Operating expenses down 5.1% year on year Cost to income ratio continues to
improve to 43.7%
Operating expenses Recurring efficiency ratio already at 43.7%
C
4Q14
436
%
(1) Cost to income ratio ex NTI and Exchange differences
- 8.9 pp.
3Q14
430
52.6%
49.3%
46.1%
45.4%
43.7%
4Q13 1Q14 2Q14 3Q14 4Q14
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2014 Results
Recurring pre-provision profit up 8.4% in the last quarter. Increase of 42.5% year on year
Pre-provision profit Capacity to generate recurring pre-provision profit
Quarterly performance Recurring pre-provision profit (2)
€Mn
4Q13
415
1Q14
454
2Q14
508
+8.4%
D
4Q14
562
(1) Actual figures excluding the cost of the subordinated loan by BFA to Bankia in the amount of €89 million in 1Q 2013 and €53 million in 2Q 2013, which was cancelled on 23 May 2013. Thus the reported profits for these periods were lower. (2) Pre-provision profit ex NTI and Exchange differences.
3Q14
518
Recurring pre-provision profit (2)
2013
1,432
2014
2,041 + 42.5%
€Mn
142
(1)
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Cost of risk down to 50 bps on 4Q14
Pre-provision profit
Provisions
567
(262)
2Q 14
Cost of risk Continued decrease of cost of risk quarter by quarter
€ Mn
E
453
(353)
4Q 13
489
(303)
1Q 14
574
(253)
3Q 14
636
(291)
4Q 14
Recurrent
Cost of risk
Profit after provisions 305 100 186 321 345
2013
74 bps
1Q 2014
69 bps
2Q 2014
63 bps
3Q 2014
59 bps
4Q 2014
50 bps
2014 Results
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Profit after provisions
Profit from sales and others
305
20
2Q 14
Attributable Profit 245
Group’s attributable profit Attributable profit for the year increases by 58.0%
€ Mn
E
100
77
4Q 13
150
186
83
1Q 14
187
321
46
3Q 14
266
2013
Attributable Profit (€Mn)
345
3
4Q 14
268
IPO contingency provision (net) 218
611
2014 pre - provision
966
IPO contingency provision net impact
2014 reported
+58.0%
Attributable profit excluding the effect of the IPO contingency provision increases to €966 million for the year, €355 million more than the previous year
2014 Results
(218)
747
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1. Highlights of the year
2. 2014 Results
3. Asset quality and risk management
4. Liquidity and solvency
5. Conclusions
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Asset quality and risk management Credit quality Decrease in stock of NPLs and NPL ratio
NPLs
NPLs down €3.5bn in the year. NPL ratio down 1.8 pp in the year at 12.9%
NPL ratio
€Bn %
18.6
DEC 13 MAR 14 JUN 14
20.0 19.2
- €3.5 bn
- €1.2 bn
17.7
SEP 14
14.0%
DEC 13 MAR 14 JUN 14
14.7% 14.3%
- 1.8 pp
- 0.7 pp
13.6%
SEP 14
16.5
DEC 14
12.9%
DEC 14
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Asset quality and risk management Credit quality Sharp fall in NPLs and NPL ratio
Performance of NPLs, NPL ratio and NPL coverage
NPLs
NPL ratio
NPL coverage (1)
€Bn
DEC 2013
14.7%
(1) Loan loss provisions / NPLs (2) Net foreclosed assets
DEC 2014 Organic reduction
/ Sales
NPL performance
NPL coverage reaches 57.6% NPLs diminish by €1.2bn in the last quarter of the year
180 bps
NPLs Dec 2013
+ Gross additions
- Recoveries
- Write-offs
NPLs Dec 2014
Net additions
- Sales
€Bn
20.0
+ 4.0
- 5.7
- 0.2
16.5
- 1.7
- 1.6
12.9%
€20.0bn €3.5 bn €16.5bn
56.5% 57.6% 110 bps
Organic reduction
€ -1.9bn
Total reduction
€ -3.5bn
Foreclosed assets(2)
€2.7bn €2.9bn €0.2 bn
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1. Highlights of the year
2. 2014 Results
3. Asset quality and risk management
4. Liquidity and solvency
5. Conclusions
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Quarterly performance of LTD ratio Quarterly performance of commercial gap
LCR (Liquidity Coverage Ratio) stands above 100% as of 31.12.14
109.7
€Bn %
4Q13 1Q14 2Q14
115.4 111.9 18.7 25.1 21.6
4Q13 1Q14 2Q14
- 45.5% - 9.9 pp
Liquidity and solvency Liquidity indicators Further improvement in liquidity in the last quarter
- 0.3 pp - 4.7%
LTD ratio: (Net credit / (Strict customer deposits + ICO/EIB deposits + Single-certificate covered bonds)
105.8
3Q14
14.3
3Q14 4Q14 4Q14
13.7 105.5
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Liquidity and solvency Liquidity indicators Significant capital generation in the year
CET 1 BIS III Phase in ratio performance
CET1 BIS III Phase in ratio stands at 12.28% CET1 BIS III Fully loaded ratio stands at 10.60%
DEC 14 SEP 14
12.28% 12.44%
13.82% 13.89% TOTAL SOLVENCY
DEC 13
10.69%
11.06%
%
(1)
(1) Includes 4Q14 result and 202mn of dividend payment (2) Impact of Regulation (EU) 634/2014 on contributions to the Deposit Guarantee Fund
+ 159 bps
CET 1 BIS III Fully Loaded ratio performance
DEC 14 SEP 14
10.60% 10.51%
12.14% 11.97% TOTAL SOLVENCY
DEC 13
8.60%
8.98%
%
(1)
+ 200 bps
+87 bps -23 bps -25 bps
-30 bps
Organic generation
↓DGF2 Dividend IPO
provision
Extraordinary impacts:
-55 bps
+59 bps
Organic generation
-23 bps
↓ DGF2
-25 bps
Dividend IPO
provision
-27 bps
Extraordinary impacts:
-52 bps
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Contents
1. Highlights of the year
2. 2014 Results
3. Asset quality and risk management
4. Liquidity and solvency
5. Conclusions
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Conclusions
Lending volumes stabilize and growth in SMEs and consumer finance
Increase of customer deposits and off-balance-sheet business
Our commercial activity has experienced a significant boost in 2014
Improved productivity and efficiency levels
NPLs reduction with increased coverage and cost of risk at target level
Allowing to propose a cash dividend payment of €202Mn
And recurrent ROE at 8.6%, on track to meet the target of 10% in 2015
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Investor Relations
Sigamos trabajando